London Pacific Closes

London Pacific Assurance, the Jersey based Guaranteed Income Bond provider has closed its doors to new business, for the time being.  Due to the narrow investment offerings from London Pacific, falling markets have taken a toll on the company.  Staffing levels have fallen from fifteen to six but the Chief Executive of London Pacific confirmed the company was solvent and could meet all capital and income calls on the business.  Mr Lee, the Chief Executive said, "we will wait on the markets before deciding whether to reopen to new business.  However, it would appear that London Pacific Life & Annuity (London Pacific's sister company in America) has gone into receivership.  If you hold London Pacific investments and are worried, please contact us.